MoneyHash, the pioneer and top payment orchestration platform in the Middle East and Africa (MEA), has announced its seed funding round of $4.5 million. In addition to RZM Investment, Dubai Future District Fund, VentureFriends, and several operators and strategic investors, the round was co-led by COTU Ventures and Sukna Ventures.
This investment shows that the market still has faith in MoneyHash despite the notable slowdown in market activity and its potential for growth and leadership in the industry. MoneyHash is the best option for companies looking for effective and scalable payment infrastructure because of its unique approach to streamlining payment processes, which has been recognized by praise for its end-to-end payment operating system and proprietary payment orchestration platform. MoneyHash will be able to extend its business growth initiatives throughout the region and make additional investments in its technology thanks to this funding.
“COVID certainly boosted the adoption of digital payments in the region, but the infrastructure remains significantly underdeveloped. In MEA, payment failure rates are three times the global average, and fraud rates and cart abandonment are over 20% higher than in all other regions. This places merchants in a challenging position, viewing payments as a cost and risk center rather than a strategic enabler,” says Nader Abdelrazik, co-founder and CEO of MoneyHash.
Abdelrazik adds, “However, the opportunity is enormous. MEA’s trillions of dollars in payments are still less than 10% digital, suggesting the region will experience the most growth over the next decade. Merchants who navigate the complex payment ecosystem effectively will reap significant benefits. This is where MoneyHash steps in.”
To help enterprise merchants overcome their diverse technological and product challenges, MoneyHash provides a full payment operating system as a service.
Elena Panchenko, the Chief Product Officer of MoneyHash, emphasizes, “Payment challenges are intertwined. Rather than merchants juggling between solutions and in-house fixes, we offer a versatile suite to address current and future challenges simultaneously.”
A centralized transaction reporting hub, a fully customizable checkout process, transaction routing capabilities with fraud and failure rate optimizers, and a unified API to integrate pay-in and pay-out rails are all included in MoneyHash’s product. Tools that facilitate different use cases, like virtual wallets, subscription management, and payment links, are added to this.
Elena adds, “An integrated set of solutions is essential for enterprise merchants to address challenges comprehensively and explore opportunities freely. The infrastructure is powered by over 200 pre-integrated APIs with payment service providers and payment methods across 80+ markets. This not only offers merchants maximum flexibility and coverage but also helps us gain the trust of our customers, knowing that all scenarios and implementations fall within our expertise.”
With the help of MoneyHash products, revenue generation can increase by 10% to 20% while development costs can be reduced by 90%.
